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Shell Sells Renewable Energy Unit Sprng Energy to Indian Firm for $1.8 Billion
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Shell Sells Renewable Energy Unit Sprng Energy to Indian Firm for $1.8 Billion
Shell has agreed to sell its renewable energy company Sprng Energy to Aditya Birla Renewables as part of a strategy to focus on asset-backed trading.
- Shell announced on Monday the sale of Sprng Energy to Aditya Birla Renewables for $1.8 billion.
- Under the deal, Shell Overseas Investment will sell its entire stake in Solnergy Power Private Limited, which includes the Sprng Energy group.
- Sprng Energy manages renewable projects in India with a combined capacity of 5 GW, including 3.3 GW of operational solar and wind assets.
- Shell said the sale supports its strategy to recycle capital and improve returns by 2030, with closure expected by year-end subject to regulatory approvals.
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